MARKET UPDATE | FRASER VALLEY NOVEMBER 2024

Home sales in the Fraser Valley increased for the first time in five months following a sizable interest rate cut by the Bank of Canada in October. The Fraser Valley Real Estate Board recorded 1,330 sales in October, up 35 per cent from September, and 37 per cent year-over-year. After waiting it out on the sidelines for a number of months, buyers seem to be finally responding to the series of successive rate cuts by the Bank of Canada. Bottom Line: We think the increased Sales Activity is a turning point for the Real Estate Market. Interest rates continue to play a key role and we think there is still more rate cuts coming in December & January which will stimulate the market even more. While we don't anticipate huge price increases.... it looks like the bottom is behind us!

TAKE ADVANTAGE OF THE FIRST HOME SAVINGS ACCOUNT

First Home Savings Account allows you to make tax-deductible contributions of up to $8,000 per year, up to a lifetime maximum of $40,000. Your contribution room starts to accumulate as soon as you open your first account. You can carry forward your unused FHSA contribution room, up to a max of $8,000, to use in the following year. OPEN YOUR ACCOUNT TODAY!  EXPERT TIP: Move funds from an RRSP to a First Home Savings Account (FHSA) on Subject Removal. The advantage is it allows you to make tax-free withdrawals for a qualifying home purchase. We can put you in touch With a Rockstar Mortgage Specialist for more information.

YES!  A person who has been divorced can be considered a first-time home buyer in British Columbia and access programs like the Home Buyers' Plan

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